Shareholders could subscribe 160 million shares at a face value of RON2.66 each between June 17-July 17, in a move to hike the insurer’s share capital. Three of the existing shareholders have subscribed and paid for 17,744 shares, the company said in a statement Thursday.
Astra Asigurari’s special administrator, KPMG Advisory, is developing the second stage of the share capital increase stipulated in the reorganization plan.
Between August 6-19, strategic and financial investors will be able to subscribe the shares left unsubscribed by the shareholders. Shares left unsubscribed in the end will be annulled.
In February 2014, Romania’s financial authority placed Astra under special administration, suspended shareholders’ voting rights and appointed KPMG as special administrator.
Astra was required to raise its share capital by RON490 million in the next 12 months. So far, shareholders added RON65 million to the capital.
With a share capital of RON257.8 million, Astra is owned by The Nova Group Investments Romania SA – 72.754% and Epsilon Estate Provider SRL- 26.289%, both owned by local businessman Dan Adamescu.
At the end of May, Misu Negritoiu, head of the Romanian financial regulator ASF said the situation of insurer Astra Asigurari will be settled end-July, when it will be known whether a strategic investor is willing to inject capital or whether the Guarantee Fund takes over.
Nagritoiu added the state is not interested in taking over Astra.